Dong is to retain its oil and gas business in order to help fund future investment in renewable energy.
The Danish company said following completion of a strategic review into the exploration and production unit that it would continue operations rather than sell them off ahead of a planned public offering.
“Dong confirms its intention to build a world-class clean energy company with a portfolio based on leading competences in offshore wind, bioenergy and green distribution and customer solutions,” it said.
“Going forward, the cash flows from E&P will be part of funding Dong’s investments in renewable energy,” it added.
Dong will nevertheless make a write down in 2015 annual accounts of roughly Dkr16bn in the “carrying value” of the E&P business.
Image: Dong Energy
